OpenSea has become one of the most popular marketplaces for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s also more well-known since celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re planning to invest with NFTs beginning with a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you prefer to take a look at a video instead, take a look at the review of this channel. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
If you prefer to read, let’s look through what it is prior to we go over the costs and the benefits it offers.
Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Docs
OpenSea offers a market for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.
The NFTs available are not restricted to art, music, game items, and domain names.
It was founded in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is not as old as cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly expanding. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar to that.
For OpenSea All of the assets on the platform are owned by the users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking the security of their NFT ownership.
If the transaction is completed your digital assets will never be removed from your account. Furthermore, you’re not required to open an account. All you have to do is have a web3 supported wallet.
If you’re a buyer, you can use their browser to search for NFTs that you’d like to buy. There are filters that can make your search easier.
What types of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs that you can purchase from OpenSea. There are eight categories to which they typically fall into. Let’s examine each.
Music may be one of the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.
Even before NFTs became popular, there were individuals were interested in collecting items like baseball cards, movie props, or even old technology.
For NFTs, you can gather avatars, digital pets and other characters that can be sold or collected. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.
Art is always one of the most sought-after NFT since before NFT became a reality. As of today it is possible to create digital artworks. This isn’t just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.
It is also possible to collect digital trading cards like those of Sorare as well as BCCG.
The digital objects associated with sports can also be collected, like animated logos of teams.
VR space and other elements can now also be bought. You can buy these metaverses and other things such as game items and the VR environment characters, virtual objects and even virtual land. A popular instance is Axie Infinity.
As bizarre as it may sound there are also NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.
Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.
What are the selling options?
Selling on OpenSea is simple. All you need to do is post them in the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and type of auction then you’re all set.
If you are a first-time seller, you will be subjected to a one-time fee for gas.
At present, you can select from five options for selling. These are:
The seller will be the one to charge the cost of the NFT. As the name implies, it never changes.
In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers typically set up very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT can be sold once they have agreed on a price.
The seller puts up an NFT for sale and will list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price drops over time. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.
OpenSea can automatically take over the bid in the event that the auction is over 1 Etherium.
You can also create your own NFTs through the platform. Then you can sell them on the marketplace.
If you are looking to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.
Are there any fees?
It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings sold.
With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost reasonable.
However, you must be aware that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5 percentage.
Additionally, transacting to Etheruem is costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can expect it to be about $100 per NFT.
It is also important to be aware that some NFTs have additional commissions. For example, game developers receive as much as 15% commissions for the items they’ve sold.
What are the payment options?
OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit or debit cards for payment or make a deposit. OpenSea Docs
The NFTs are only able to be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s look at the advantages and drawbacks when using OpenSea.
OpenSea has no centralization, which makes transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you do not have any experience or expertise in coding or blockchain. OpenSea Docs
They also offer a range of digital assets, which makes them one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.
Although it is open source and has one of the largest NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.
You will also need to set up your own crypto wallet to sell or buy from the platform.
Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.
The OpenSea ecosystem allows users to make transactions without concern about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.
FAQ OpenSea Docs
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. When you’re using the browser on your phone on the go, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to start.
Does OpenSea have a support team?
Yes they do have a support team that you can contact through their contact form. Just go to the official site and search on the page for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can also mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also look over their instructional videos.
What are gas fees?
These are transactions fees from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, therefore they fluctuate from time to time.
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser that users can use. If you’re using it through your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.
Does OpenSea has a support team?
Yes they have a customer support team that you can reach via their contact form. Go to their official website and look at “Submit a request.”
Can you make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. When you’re ready to sell them, list them for sale. This is gas-free and easy to do, however you should go through their tutorials.
What are the costs for gas?
These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined in accordance with the current market conditions, which means they constantly change at regular intervals.